Earnings Per Share and Shareholders' Equity Transactions

3 Months Ended

Mar. 31, 2013

Earnings Per Share and Shareholders' Equity Transactions

11. Earnings Per Share and Shareholders’ Equity Transactions

The following table provides weighted average share information used in the calculation of the Company’s basic and diluted earnings per share:

	Three Months Ended
	March 31,
(in millions, except per share data)	2013			2012
Basic shares used in the calculation of earnings per share		44.6			44.9
Dilutive effect of securities:
Employee stock options		0.3			0.2
Non-vested stock grants		0.4			0.4
Diluted shares used in the calculation of earnings per share		45.3			45.5
Per share effect of dilutive securities on income from continuing operations	$	(0.02	)	$	(0.02	)
Per share effect of dilutive securities on income from net income	$	(0.03	)	$	(0.02	)

Diluted earnings per share for the three months ended March 31, 2013 and 2012 excludes 1.3 million and 1.8 million, respectively, of common shares issuable under the Company’s stock compensation plans, because their effect would be antidilutive.

Since October 2007 and through March 2013, the Company’s Board of Directors has authorized aggregate repurchases of the Company’s common stock of up to $500 million. As of March 31, 2013, the Company has $90.0 million available for repurchases under these repurchase authorizations. Repurchases may be executed using open market purchases, privately negotiated transactions, accelerated repurchase programs or other transactions. The Company is not required to purchase any specific number of shares or to make purchases by any certain date under this program. During the first three months of 2013, the Company purchased 0.5 million shares of the Company’s common stock through a privately negotiated transaction and open market purchases at a cost of $25.2 million. Total repurchases under this program as of March 31, 2013 were 9.6 million shares at a cost of $410.0 million.